Equiteq is pleased to announce that it acted as exclusive financial advisor to Waada The Movement on its agreement to be acquired by emagine, a pan-European, high-end business and IT consultancy backed by Axcel. Completion of the transaction is subject to customary employee information procedures and applicable regulatory approvals.
Founded in 2004, Waada employs more than 400 professionals and partners with enterprise organisations to deliver large-scale, high-impact digital transformation initiatives, including AI adoption, data and software engineering. The company’s consulting model combines strategic advisory with deep technical execution, which will reinforce emagine’s position as a trusted and full-service consulting partner with extensive digital enablement expertise and end-to-end delivery capabilities.
The agreement supports emagine’s growth strategy by strengthening its ability to deliver complex transformation and engineering programmes. Waada is expected to contribute approximately €40 million in annual revenue, adding further scale to emagine’s global business. At present, emagine serves more than 500 enterprise clients, with approximately 5,000 consultants on active assignments across 13 countries and a professional network of over 500,000 specialists worldwide.
Waada operates through two distinct brands: Prowareness, supporting the largest Dutch organisations in their transformations and change initiatives, through its expertise in Agile, Lean and AI; and DevOn, which delivers high-end digital engineering and software development through a distributed delivery model. With operations in the UK, Netherlands and a substantial offshore hub in Bengaluru, India, the addition of DevOn will complement emagine’s existing nearshore strengths in Poland, Portugal and Romania.
Commenting on Equiteq’s role in the transaction, Derk Zegers, Managing Director of Prowareness, and Rahul Sah, CEO of DevOn International, commented:
“The Equiteq team provided exceptional support throughout the process and were a pleasure to work with. They took the time to deeply understand our business and operating environment, and worked seamlessly alongside our management team with professionalism, energy, and commitment. Their collaborative approach made a complex process feel well-managed and constructive from start to finish.”
Marco Krouwel, CFO of Waada, also commented: “Equiteq took a pragmatic, solution-driven approach throughout the process and were highly supportive of our management team. They were easy to work with, responsive, and focused on moving things forward in a constructive way. We genuinely enjoyed working with them.”
Vikram Kapoor, CEO of Waada, added:
“Equiteq provided strong, clear-headed support to Waada’s shareholders throughout the process, combining deep knowledge of our business with a practical understanding of the market. Their insight and network helped identify emagine as a highly compelling strategic partner, delivering an outcome that supports Waada’s long-term vision and growth ambitions. We are very pleased with the result.”
Emmanuel Kostucki, Managing Director at Equiteq, added: “Waada has built a highly differentiated position at the intersection of strategic consulting and digital engineering. The combination with emagine represents a strong strategic outcome, providing the scale, international reach, and complementary capabilities required to accelerate the next phase of growth while preserving Waada’s culture and client-centric approach. It has been a pleasure to work with the Waada team, and we look forward to following this next chapter of their journey.”